Two investments totaling $23,500 produce an annual income of $795. One investment yields 2% per year, while the other yields 7% per year. How much is invested at each rate?

Answer 1

if x is at 2%, then the rest (23500-x) is at 7%. So, add up the interest:

.02x + .07(23500-x) = 795

Answer 2

Two investments totaling $23,500 produce an annual income of $795. One investment yields 2% per year, while the other yields 7% per year. How much is invested at each rate?